CONCERNING THE ISSUE OF MAXIMIZING AND BALANCING THE COMPONENTS OF THE TRIPLE BOTTOM LINE IN SUSTAINABLE BUSINESS DEVELOPMENT Abstract

A literature review reveals that in recent years, global theories and practices of sustainable development have shifted their focus from the abstract maximization of the triple bottom line to the creation of a balanced and resilient economy. In this framework, economic, social, and environmental components must interact and complement each other. In Ukraine, this evolution remains in its early stages. The authors emphasize that the issue of balancing these components is not yet a fundamental principle of the country’s business practices. The lack of resolution on this matter prevents businesses from achieving optimal effectiveness—measured by economic, social, and environmental factors—without adverse long-term consequences.Given these considerations, it is evident that the concept of sustainable development for business entities must advance within both international and domestic scientific discourse. Research that establishes the prerequisites for shifting sustainable development theory and practice from abstract maximization to mathematically justified balancing is of critical importance. Thus, the authors have made the first attempt to provide a clear answer regarding the feasibility of identifying an effective set of actions for adjusting the components of the triple bottom line of sustainable development through the use of correlation models. This article aims to develop an approach for adjusting the components of sustainable development in cases of imbalance.The essence of the issue under study lies in the fact that the authors have, for the first time, confirmed the hypothesis that enterprises can overcome efficiency constraints without incurring negative future consequences, namely, by logically modifying the key variables in multiple regression equations. This refers not only to achieving the maximum cumulative sustainable development effect, but also to ensuring a state in which the economic, social, and environmental effects are balanced—thus tending towards equilibrium and equivalence.At the same time, it should be noted that achieving full equilibrium in practice is an extremely challenging task. This is due to the fact that each component of sustainable development has its own dynamics, specific priorities, and is measured by different indicators. In many cases, competition or conflict of interests arises between these effects, which makes their simultaneous and equivalent optimization impossible. Therefore, the authors have refined the conceptual approach to the category of equilibrium by shifting the focus from attaining absolute balance to the notion of convergence, viewed as a more realistic and pragmatic objective.The potential value of solving this problem lies in the formation of both a system for monitoring the effects of harmonious development and a clear framework for overcoming constraints on enterprise efficiency, already at the stage of aligning the economic, social, and environmental components of the triple bottom line of sustainable development. This can be achieved through their gradual convergence, even under conditions of limited financial and technological resources allocated to the implementation of environmental and social initiatives, by programming changes targeted at the behaviour of the key variable with the highest beta coefficient in the multiple regression equation.